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president obama's ultimatum on higher taxes are actually the cause? make him responsible for driving us off the fiscal cliff? go to our to be page at facebook we'll have results at the end. chris and steven joining us here next to address that question and more. ♪ ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going on now through december 31st. [ santa ] ho, ho, ho! [ malennouncer ] lease a 2013 e350 f $579 a month at your local mercedes-benz dealer. lou: house minority leader, pelosi going along with timothy geithner in saying it's just a fact we're going over the cliff if republicans do not agree to meet the president's ultimatum and raise taxes on the top 2%. >> the way i heard it, and the way i think it was not as a threat we'll go over if they don't, it's a prediction. if there's no agreement, then the cliff has to be dealt with. i don't see it if they don't do this, we do that. i saw it as a statement of fact. it's not a threat. it's a prediction. if there's no agreement, we go
. >> and the interesting thing is if president obama had his increase in taxes on the wealthy, the so-caldwell thee, that would fund the government eight and a half days this year. >> by the time they finished increasing spending, we'll be down to seven. >seven. >> sean: coming up more with speaker of the house newt gingrich, plus we continue to monitor breaking news out of syria. fox news has confirmed the syria government has mixed sarin gas and is ready to use it against their own people. we'll talk with ann coulter as we track the fiscal cliff negotiations. does the average american know what exactly this is? we went to the streets of new york to find out. >> it was something i probably learned about in school, but i'm guessing it's like a cliff like a mountain avalanche type of cliff. meet the 5-passenger ford c-max hybrid. when you're carrying a lot of weight, c-max has a nice little trait, you see, c-max helps you load your freight, with its foot-activated lift gate. but that's not all you'll see, withcause c-max alsoted beats prius v, with better mpg. say hi to the all-new 47 combined mpg c
into name calling today. yesterday the obama administration proposed tax revenue increases of $1.6 trillion over ten years, guaranteed to anger republicans. and it did. ewatt andrews is on capitol hill for us tonight. wyatt? >> reporter: scott, leading republicans are now calling the president's latest fiscal cliff proposals-- and these are quotes-- "unreasonable, not serious even ludicrous." on the negotiations that are necessary to avoid the cliff, here's how house speaker john boehner described the status there. >> no, there's a stalemate. let's not kid ourselves. i'm not trying to make this more difficult. >> reporter: what set off this reaction was the president's proposal for $1.6 trillion in new taxes over ten years with tst of that coming from a tax hike on single americans making hire than $200,000 and married couples filing jointly making $250,000. boehner has hinted that republicans might raise half of that, $800 billion, but only by reducing tax loopholes. >> getting rid of special interest deductions and not raising rates we think is better for the economy, pure and ecole. >> r
.o.p. lawmakers to accepting the tax hikes now. >> i miss visiting towns like this. >> president obama got his wish, rather than negotiating with republicans he was hamering them. back on the campaign trail in a factory that makes angry bird toys. >> it's not accept to believe me and i don't think it's acceptable for you for republicans in congress to hold middle class tax cuts hostage because they don't want the tax rates on the upper income folks to go up. >> within minutes, john boehner fired back the talks are on life support. >> let's not kid ourselves. >> boehner ripped the president for sending treasury secretary ti tim geithner to capitol hill with a proposal that led mitch mcconnell literally burst out laughing. >> the white house took three weeks to respond with any kind of proposal. and much to my disappointment, it wasn't a serious one. >> their beef is the president campaigned on $800 billion in tax increases by ending the bush tax cuts for the wealthy. but is now proposing double that. $1.6 trillion. by adding tax hikes on dividends and capital gains. plus, the white house wants
company in pennsylvania today to call on congress to extend tax cuts for the middle class. president obama playing a little hardball accusing republicans of playing politics at the expense of american families. >> it's not acceptable to me and i don't think it's acceptable to for you republicans to hold tax cuts hostage because they don't want rates on upper folks to go up. >> john boehner scheduled a last minute news conference. fired back with this. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's the wrong approach. >> as the rhetoric heats up, the clock continues to tick down. after today, there are just ten legislative days on the calendar. the house announced they will be recessing one day early next would he week. joining me now from the white house, white house correspondent kristen welker. what's the latest from 1600 pennsylvania? >> well, good afternoon, craig. as you can see the holiday decorations are going up here at the white house. but it doesn't seem like anyone is in the holiday
to break rank, saying he could support president obama's tax proposal. coburn joins a growing chorus of republicans from outside the house of representatives, urging house leadership to clear the way for a broad deal that would include tax increases on the wealthy. however, as we mentioned, according to "the new york times," speaker boehner is enjoying broad support from within his own caucus. and yesterday boehner stuck to his guns, favoring closing tax loopholes and capping deductions. to raising taxes. >> now, the revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates which we believe will harm our economy. >> so could we just agree right now, everybody around the table, that both sides are talking about tax increases for the rich? >> i think so. >> it's just a difference between do you get tax increases for the rich? do you get the revenue by raising the top rate or by closing loopholes? i mean, that is
. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending, and an unlimited, unchecked authority tow borrow from the chinese. maybe i missed it, but i don't recall him scwg for any of that during the presidential campaign. >> jarvis: parents and school boards across the country are debating whether to offer bonuses to teachers whose student do well on standardized tests. sharyl attkisson check out how the bonus is working in the first city to try the idea >> reporter: tenth grader lennard l
of getting the fiscal cliff deal done before everyone's taxes go up. >> consolation lunch? president obama visits mitt romney to the white house today and everyone is buzzing about it. could obama offer him a job? >> congratulations to someone. you just won the gdp of a small nation. not just one but two winning tickets in last night's record powerball drawing. we'll tell you where. >> and if they will be my best friend soon. we have a packed show. john ba, rasso, adam shif, rick warren, tom cole, connie and mary bono mack and steven holcomb. >> we have so many people coming up. it is thursday, november 2. "starting point" begins right now. >>> good morning, everyone. our starting point this morning, developments happening now in cairo. the u.s. embassy there is closed. no one is being allowed in or out as we speak. >> embassy officials say protesters are blocking the entrance and clashes are happening near nearby. reza sayah is nearby for us. what's happening? >> reporter: there is no indication protesters are targeting the u.s. em wibassy b it was closed as a precaution. these are protes
reiterated his demand that any deal must raise taxes on the highest earner. yesterday obama also appeared to showroom for flexibility on actually relowering those tax rates in the future. >> i don't think that the issue right now has to do with sitting in a room. the issue right now that's relevant is the acknowledgement that if we're going to raise revenues that are sufficient to balance with the very tough cuts that we've already made and the further reforms and entitlements that i'm prepared to make, that we're going to have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. p what i've suggested is let's essentially put a down payment on taxes. let's let tax rates on the upper income folks go up. and then let's set up a process with a time certain at the end of 2013 or the fall of 2013 where we work on tax reform, we look at what loopholes and deductions both democrats and republicans are willing to close, and it's possible that we may be able to lower rates by broadening the base at that points. >> in the meantime, now the gop is fighting w
is the president and ceo of kinex. >> good morning. >> president obama said a fam of four's taxes could go up. what impact does that have? >> it's fantastic to have the president our endorser in chief. when you remove that discretionary income and toys are a discretionary purchase as are other things. you are having some potential impact on the entire economy. obviously, toys and other things, as well. >> the president's plan calls for raising the tax rates on americans earning $250,000 or more. most republicans remain dead set against the president's plan. >> that's true. i think, though, we have to take a look at the larger context. the larger context is we have a math problem. we have $2.5 trillion that we're taking in every year on the federal government and $3.5 trillion that we're spending. so, we're going to need a balanced approach of both revenue and spending cuts to teat there. so, that's what the president has been talking about and certainly something i can support. >> "the wall street journal" today senior administration officials say the white house not making any new offers until rep
payment to get to a longer-range solution on entitlements and tax reform? >> there are a lot of options on the table, including that one. >> mr. speaker, before the election, you were asked whether if it obama won taxes would have to go up. and you sounded like you opposed that. now you're acknowledging that they will. >> the day after the election, i came here and made it clear that republicans would put revenue on the table. as a way to begin to move the process to get this resolved. >> right. so my question is, what message do you have for people who look at the negotiating division, and believe that it's inevitable that you'll have to accept some compromise on tax rates? >> the revenue is on the table. but revenue was only on the table if there were serious spending cuts as part of this agreement. it has to be part of the agreement. we have a debt crisis. we're spending too much. and while we're willing to put revenue on the table, we have to recognize, it's the spending that's out of control. >> mr. speaker. roughly what size spending cuts do you think it would take to reach a deal
dollars in surplus package money that president obama wants, also, increasing taxes by 1.6 trillion dollars, that's not a deal that the american people can live with. it's not about grover norquist and not raising taxes, it's about going to the table and cutting a real deal. >> dick? >> i guess what i say is, what do the republicans want to cut? i mean, have they backed off the paul ryan plan to cut medicare have they backed off the plan for social security, and what is the plan? i think the president and the democrats and the country are waiting to hear. he made an offer. i'm a lawyer and deal with this and the other side why and we move to the middle. where is the republican plan. >> kelly: hold on a minute. you try to find that common ground. >> right. >> kelly: that common ground is so necessary now, which is why it goes back to my first question. the american people are begging congress and the president to act responsibly and we've got 30 days from now. what the heck is going on in washington? >> listen, the president has offered a base to start with, but it's pretty laughable
network cd obama's favorite issue which is raising taxes 17 times more than spending cuts, and all told, 10 minutes and 18 seconds were devoted to taxes. compared to a whopping 35 seconds of air time on house spending cuts might be a useful tool in actually tackling our debt. not surprisingly, that trend was-mile-an-hou mirrored all across the major networks. here with reaction to that report and obama's parent indifference to the approaching so-called fist colorad fist fisk stein. welcome to hannity. >> great to be with you, sir. >> i'm getting the feeling more and more every day. he wants to humiliate the republicans. >> i this is an opportunity to drive a stake through the republican party. i think his strategy all along, i said this in my book, so it's weird to see it coming true so literally is to establish 25% of gdp as the new baseline for federal spending. he needs everybody's taxes to go up, not just warren's buffett's. he can do that two ways. he can get john boehner to capitulate or he can say the hell with it, let's go off the fiscal cliff and blame the republicans. >> if he
of automatic spending cuts and tax increases could take effect january 1st. democrats moved by president obama and congressional republicans signaled they are willing to compromise on changing tax rates and spending reductions but the negotiations are moving very, very slowly. susan mcginnis is in washington with the latest. susan, good morning to you. >> reporter: good morning. the president is sending his top two negotiators to talk with lawmakers today about possible spending cuts. he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to take action on taxes. >> when the american people speak loudly enough, lo and behold congress listens. >> reporter: tomorrow he'll host a campaign style event where he calls on lawmakers to extend the tax rates on f
are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter: republicans have given a counterproposal to the president's plan which he issued last week. they say their plan would cut $2.2 trillion from the federal deficit over ten years. with $600 billion in health care cuts, $300 billion in cuts to mandatory spending and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich, bringing in $1.6 trillion. republ
from president obama that includes $1.6 trillion in tax increase over ten years. more stimulus spending to boost the economy including home mortgage refinancing and the permanent end to congressional control over the debt ceiling. in return, president obama is offering republicans $400 billion in entitlement cuts over ten years. still to be negotiated. mr. obama also wants emergency unemployment benefits and a temporary payroll tax holiday extended along with the infrastructure spending and mortgage relief, the price tag for the president's stimulus bill could rise to $50 billion or more. after meeting with secretary geithner, speaker boehner said he didn't see any sign of compromise from the white house. >> first despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and secondly, no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> eliot: no sooner had boehner finished then
a competitive tax system and i think our slow going economy under president obama says we don't. >> the new york times though makes a mention of, just a sort of a passing mention in this massive article, by the way, about the need to cut spending like one or two sentences about the need-- >> and i think that milton freedman brought us, that spending is really the tax bill. it's just delayed. so, every toll the government spends eventually they're going to have to take it from someone, either in taxes or in inflation, so, this is why you're seeing a lack of business investment is because this massive spending and huge debt tells every business owner, every investor, big tax are are coming to eventually pay for this. >> what was the point of the piece? i know there's hand wringing out there, maybe the folks on the right say under obama our taxes have gone up and we may more in taxes than we've ever paid and attempt to say, we're not-- >> this is long-term by the president and his allies to create an intellectual justification to raise taxes and in this case, they use the reagan years and often wen
beyond the tax date or just with those under $250,000 that president obama and democrats want. what is the best way to compromise for americans across the board? >> first you have to understand, that is politics as usual. even if the republicans gave in on this, on this 2% of the population getting taxed at a higher rate that basically pays for the budget deficit for three days. we are living with a $16 trillion deficit. so the republicans are going to have to compromise. democrats, white house, they have to come to a mutual agreement where an increase in taxes, a decrease in the amount of benefits that people receive, we need a real major compromise. we hope to god they do that zbleeh. >> heather: will they do it or not do. >> heather: will they do it? >> they no compromise. 50% chance they come to compromise that kicks the football into next year where the new congress will run with it. and possibly, 20% chance that nothing at all happens. we do think they will come up with some kind of temporary solution getting us through december 31. >> heather: we'll see what happens. >> gregg
to be for the rising movie industry. cet will head out to washington as president obama is pushing forward his tax for the wealthy agenda. george osbourne is going to update today. the chancellor will have his work cut out to meet his target of eradicating the federal deficit by 2015 as well as securing a fall to gdp ratio. also expected further pressure with a cut to its growth forecast. steve is braving rather inclement british winter weather outside the houses of parliament. >> lovely. >> i know you like it. how much is it going to be raining on george osbourne's parade? >> it's going to rain on his parade. you just nailed it, ross. three things which are going to come up today, which he has very little control over. one is that obr reckoning on the uk economy. thought only back in march it was going to grow -- pain a negative growth for the year. next year they thought it was going to be 2% growth. it's probably only going to be 1%. in terms of those two targets you mentioned, eradicating the structural deficit in a five-year period, that's going to have another couple of years. >> right. now,
captioning sponsored by macneil/lehrer productions >> brown: president obama made a campaign-style trip to a toy factory in pennsylvania today, part of his push to sell his plan for higher taxes on the wealthy. good evening. i'm jeffrey brown. >> warner: and i'm margaret warner. on the newshour tonight, we update the searchor deal, even as house speaker john boehner declares the negotiations are "going nowhere." >> brown: then, we turn to another congressional battle. kwame holman reports on sparring in the senate over proposals to change rules blamed for partisan gridlock. >> majority democrats want to put limits on the phil buster, a tactic used to delay legislation but republicans say the tool is key to protecting their minority rights. >> warner: on the eve of world aids day, ray suarez updates the hopes and frustrations in the fight against the deadly disease. >> brown: mark shields and david brooks analyze the weeks news. >> warner: and is the grand canyon 60 million years older than we've long thought? we ask science correspondent miles o'brien. >> brown: that's all ah
obama has been reelected, taxes are going to go up one way or another, are they going to go up for everybody or just for the wealthy and then we can get the american economy rolling again. i think the stock market is very smart about this. it realizes that all this is much adue about nothing, taxes are going to go up. if they reach adeal and that falls apart that, could send the stock market reeling, like it did in 2008 when everybody thought congress was going to do the t.a.r.p. bailout and didn't and then they came back and did it. >> we had the business roundtable yesterday where the boeing ceo in the introduction to the president said there's not a lot of wall flowers in this room. the president knew the crowd he was meeting with and talking to and the president saying i passionately rooting for all of your successes. >> on the one hand we all know that wall street supported mitt romney because he was one of them. on the other hand, this is exactly what the president should be doing, meeting with these business leaders, mending fences. now, a lot of those business leaders i
to get more money from wealthy people. president obama, you know the deal, he wants to raise tax rates for the wealthy. house speaker john boehner wants to close tax loopholes, limit deductions for the wealthy. let's stay on the hill here, let's talk to senior congressional correspondent dana bash. we know the speaker -- we know speaker boehner met with conservative republicans today. did he get any backlash today from his plan? >> reporter: you know what, interestingly it doesn't seem like he did. we know that conservatives are not happy with the idea that their own house republican leadership proposed a plan that includes $800 billion in new revenue. we have seen -- reported on it extensively yesterday and the day before about the e-mail alerts that conservative groups have put out, republican senator jim demint was up-front about the fact he's not happy about it. however, when it comes to speaker boehner's own republican conference, as it is called, we're told they met for an hour and there wasn't backlash, that they were united behind him. it seems as though, brooke, that the speak
to give in to some type of tax increase but president obama will have to come up with more entitlement cuts. jon: jenna had a great segment earlier about milton friedman and what would he do in this situation. >> yes. jon: he said or he was of the opinion if you give the government more money in any form they will figure out a way to spend it. >> senator rubio put it best. he said to create a successful economy, to create successful america we needless government, limited government. instead of making richer people poorer, make poor people richer. instead of new taxes create new taxpayers. we give money to the american people. they know best how to spend their money than big brother government. jon: are you optimist or pessimist when it comes to the question of whether we go over the fiscal cliff? >> i think president obama loves this country and is a patriot and boehner is a patriot and i believe they will work out a deal. if they don't make a deal, 28 million americans will pay alternative minimum tax and families will have their taxes raised $2,000 more and give more in this bad eco
. >> the members are going home for a nice long weekend. thanks very much for that. president obama isn't negotiating like we just heard. he's negotiating to raise the tax rates on the rich as a downpayment on a larger deal to come later as far as taxes are concerned and medicare is concerned. >> let's allow higher rates to go up for the top two percent, that includes all of you, yes. but not in anyway that's going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see an increase in taxes next year. and by doing that alone, we raise almost a trillion dollars. >> let's bring in our chief political analyst right now, the president also had a specific warning for members of congress, the republicans on the issue of raising the debt ceiling. listen to this. >> if congress in anyway suggests they're going to tie negotiations to debt ceiling votes, and take us to the brink of default once again as part of a budget negotiation, which by the way w
tom cole who broke ranks with republicans by embracing president obama's plan to raise taxes on the wealthy stuck to his guns this morning. >> if we can give the american people an early christmas present, if they can listen to the debate instead of be worried that their own taxes are going to go up, i think that actually strengthens our hand. i haven't changed my mind. i'm not going to come out here and be disingenuous to people. i think it would be a step in the right direction. >> today john boehner expressed disappointment at where the negotiations stand. as our first read team points out, by siding with the white house tom cole may be helping boehner get the deal he wants. joining me now, political editor mark murray. why do you think tom cole has strengthened the speaker's position, negotiating position he goes in with? >> it has given john boehner some cover. you now have a conservativconse albeit establishment member of the house republican party who is essentially going to the left of john boehner. of course, john boehner has basically said, look, i disagree with tom
at is people, perhaps, moving to get ahead of the obama administration's new and highly unattractive tax plan for investors. big winners on the day, financials, citi group stock up after announcing they are laying off 4% of the work force, cutting cost, bank of america and travelers example of the financialses moving higher. marathon, chevron, conoco all higher. crude oil down for a second straight day closing under 88 a barrel, and ten year treasury down to 1.59%. no progress in resolving the fiscal cliff today. i know, you're not surprised by that, but we can report there were, well, some contact between the two principle players in the negotiations if there were negotiations. president obama and speaker john boehner actually talked to one another. it was on the telephone. it was not the face-to-face meeting the speaker says is necessary, but it was the first time that the two men have spoken in a week. for the latest on these stalled negotiations, we turn to fox news chief white house correspondent ed henry for the report. >> trying to lay blame for stalled budget talks on republicans, pre
. >>> this hour, president obama is on the ground in pennsylvania trying to build public support for his tax proposal. but that's just one part of the fiscal cliff debate. the other side of this, the massive spending cuts that have now educators ringing the alarm. they warn of increased class sizes, the elimination of after-school and summer school programs, libraries could close, all this as the u.s. tries to close an achievement gap. joining me now to continue our education nation conversation, world-renowned educator dr. steve perry, also host of tv one's "save my son." steve, it's great to have you here. the secretary of education, arne duncan, has said that 9 million students would be affected by the cuts including nearly 2 million that are already living in this country in poverty. when we talk about special education needs for the kids of our country, we're essentially about to take away resources from the students that need it most. however, we're not talking enough about that. >> one of the reasons why there's even a conversation about cuts is not so much because there's less money
to the fiscal cliff, but feel very strongly we've got to get serious here. we don't want to increase tax rates. we're not going to increase tax rates. >> warner: a white house spokesman shot back that republicans ought not to be surprised that mr. obama is sticking to his guns. and congressional democrats, like house minority leader nancy pelosi, welcomed the president's plan. >> elections have consequences. the president campaigned-- he made it very clear, he made it very clear that he was supporting a tax cut for the middle class, that he wanted the expiration of the tax cuts for the high end. and the american people know that debate, they voted for him. >> warner: still, despite all the tough talk, reporter todd zwillich of wnyc and public radio international says there's more movement behind the scenes than meets the eye. >> there does tend to be a pattern to how big negotiations like this go. the fact that they haven't reached an agreement yet doesn't mean they won't before christmas, doesn't mean they won't before new years. there is a value in doing some public posturing and trying to g
it as well. >>> from there to washington, and new today president obama taking his message directly to the public amid the fierce fiscal cliff fight. after holding a campaign-like stop in pennsylvania friday, the president today is urging congress to extend middle class tax cuts in his weekly address. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress sends it my way. >> the gop is also out today with new criticism of the president's plan. here's republican senator orrin hatch of utah. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending. and an unlimited, unchecked authority to borrow from the chinese. maybe i missed it, but i don't recall him asking for any of that during the presidential campaign. >> j
ran on, elections of consequences. remember that famous soundbyte? obama ran on higher taxes for the wealthy and won. lz, shouldn't he be making the same argument? that is what he ran on. >> absolutely. you know what i find interesting, if you look at the statistics, many of the blue states that supported president obama are some of the richest states in the country. and so not only did you have him defeat romney pretty handedly in the electoral college, but people willing to sacrifice their own money to make sure that president obama, his policies made it to the white house. you know, it was the exact opposite in just the republicans. some of the red states were some of the poorest states in the country. so i think it is very interesting that when you see average american citizens who happen to be making a little bit more money willing to sacrifice for the good of the country, i think that's a good message and something to get behind and stand on. >> lz, our producers are here, can we keep them over the break? i want to be the mediator, do we have time for that? can we do th
cuts and tax increases, if negotiations break down. here is what president obama had to say in his weekly radio address. >> both parties say we should keep middle class taxes low. the senate has already passed a bill to keep income taxes from beginning up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans onboard, i'll sign this bill as soon as congress sends it may way. but it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest americans. >> in the republican response, senator orrin hatch takes that hostage met foaphor one step further. >> unfortunately, some on the other side of the aisle are proposing a disastrous thelma and louise strategy, putting our already weak economy in further jeopardy. >> president obama says he wants to get a deal done by christmas, but both republicans and democrats will have to come together to make that happen. jessica yellen has more on where each side stands. >> reporter: jus
obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed mainly by the rescue package for greece, but at this last trading day of the week, trading has been quite low. the positive trend continued, although there has been some bad news coming in, like the record high unemployment rate in the euro area and the fact that u.s. consumers spend less money in october. nevertheless, the mood is fine. investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. e
was ready to make some deal on taxes with president obama. that's a sign to me that he's going to clear the decks to try to push through a deal. it's a sign that we're going get some kind of tax increases for the top 2%. i don't know where those numbers are going to be. pretty clear to me that a deal is in the works and we're heading in that direction. what i'm not sure of is whether the market will go up on this, necessarily. >> in terms of that january effect, bob, does that even matter this year? >> yes, look, it's not long from anybody, january and february are the best months of the year. that's a factor. >> let me ask you about putting money to work, keith springer. you say we're going to get a deal regardless. we may get a deal regardless, but that deal means probably higher taxes and lower spending. what are the areas in the economy in your view that get impacted most by a deal? >> well with, we're going to have less spending in the economy next year, which is going to slow down growth, which is where a bear market will come in, but not right away. there's so much negative senti
are almost nowhere. >> chris: president obama accusing republicans of being willing to raise taxes on 98% of americans, while speaker boehner says it is the president who is unwilling to compromise. and it is time for our sunday group, bill kristol of the weekly standard. mara liasson of national public radio, republican strategist ed rollins and former democratic senator evan byah. you heard for the last half-hour, tim geithner and john boehner, each say they are being reasonable and it is the other side's fault. bill you have been through your share of washington negotiations. what strikes you about what you heard today? >> geithner is in a stronger position, in the respect. the president is net and high can maneuver and say, $1.6 trillion and, they say, $1.1 trillion and speaker beginner has 235 members, and they don't hop to it when he decides to move, he's in a much tougher position structurally and we have seen the history of the show downs, the white house usually wins, and, the main reason why is, he is a unitary executive and, the majority party in congress is in a weaker positi
. >> president obama accusing republicans ever being willing to raise taxes on 98% of americans, while speaker boehner said it's the president when is unwilling to compromise. it's time now for our sunday group. bill crystal of the weekly standard. marcha liason and ed rollins and former democratic senator that you heard. >> each of them are saying they are being reasonable and it's the other side's fault. you have been through your share of washington negotiations. what strikes you about what you heard today? >> i think they both made their case well but i think geithner is in a stronger position in this respect. the president is the president. he can maneuver, he can say my $1.6 trillion and he can say $1.2 trillion. speaker boehner has 135 members. they don't hop to it when he decides to move. he's in a tougher position structurally. in these show downs the white house usually wins and the main reason they win is it's a unitary executive. and congress is in a weaker position. >> all right. >> what happened this week is interesting. both sides are putting out their maximalist position and te
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